Daily Archives: March 2, 2019

EOSBet Launches Decentraliseded Account System and Bitcoin Betting

EOSbet

Online gambling is one of many industries pushing the use of blockchain technology further into the mainstream, with new companies in the lucrative (think multi-billion dollar) sector embracing decentralisation, and offering services that previously didn’t exist.

Enter EOSBet, which at the end of last year became the first on-chain blockchain casino to be granted a gambling licence. As if that wasn’t enough, EOSBet has hit the ground running by releasing an innovative decentralised account system and introducing bitcoin betting. An announcement regarding these devolopments came last week in Willemstad, Curacao.

EOSBet Decentralised Account System

Using blockchain technology for transactions generally requires the user to set up a cryptocurrency wallet. In addition, the effort of actually acquiring cryptocurrency in the first place acts as an entry barrier for people who may otherwise be interested in getting involved.

Hoping to change this situation the team at EOSBet have developed a system which allows the user to deposit funds from any source and place bets – all without the need for a wallet or 3rd party software. All transaction costs are covered by the system, leaving players free to enjoy a decentralised casino just as they would the traditional variety.

All aspects of the EOSBet platform are decentralised and fully on-chain, with all actions permanently recorded on the EOS blockchain and able to be viewed on any block explorer. The system also has the advantage of being non-custodial, meaning players retain sole and total control over their crypto funds.

Ease of Use

EOSBet’s system has been geared towards non-technical gamblers, with a quick and easy sign-up process that is more user-friendly than many traditional online gambling sites. This means that non-EOS account holders can place secure bets with ease and take advantage of EOSBet’s generous player rewards system, thereby enlarging the userbase. Just a month after launch, EOSBet boasts over 280 new users, with a total of $1.3M USD bets placed since the present developments.

Bitcoin Betting with EOSBet

EOSBet claims to be the first on-chain casino to natively accept Bitcoin, and that many more cryptocurrency options (for example, BCH, BSV, LTC, DASH, DOGE, ETH, TRON, and XRP) are planned. Again highlighting the simplicity of the system, players simply deposit BTC funds to their accounts for instant play, with the ability to withdraw at any time.

According to publicity material, BET token holders will receive dividends for life (in all currencies offered). So far, over $2M USD has been given out as part of its Player Rewards Program.

Future Plans

The EOSBET platform has further developments planned for 2019, including two new games, a leaderboard and a token distribution program.

EOSBet’s recent developments mark a major step forward in the company’s evolution and its stated goal of bringing in thousands of new players. With online gambling already enjoyed by huge numbers of players worldwide, it was only a matter of time before blockchain technology was added to the mix.

If EOSBet plays its cards right, its combination of crypto funds compatibility, fairness, solid security and ease of use could prove to be a major winner as more users are tempted to sign up to the new and decentralised casino.

To learn more about EOSBet, visit the website, chat with the team on Telegram and follow EOSBet on Twitter.

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Singapore Sovereign Wealth Fund GIC May Be One of Coinbase’s Backer

Singapore Sovereign Wealth Fund GIC May Be One of Coinbase Backer

The cryptocurrency industry continues to elicit interest from mainstream financial services, the recent one being Singapore’s sovereign wealth fund GIC Pte. According to Bloomberg, it appears that the fund may have been involved in Coinbase’s USD 300 million funding round last year, citing people familiar with the matter, although neither of the companies had provided insight on the matter. However, at the time of the funding in October, Coinbase had only listed Tiger Global Management, Wellington Management, and Andreessen Horowitz as participants.

GIC has over USD 100 billion worth of assets in over 40 countries including a broad and diverse investment portfolio that ranges from government bonds to private equity. According to the source, Coinbase’s October funding round gave it a valuation of USD 8 billion, and against the odds of the trends in the crypto market last year, this, however, helped Coinbase rank as one of the most-valued startups.

Bloomberg further cited a document it accessed last year, reporting a forecast revenue to the tune of USD 1.3 billion to be made by Coinbase for 2018. The revenue was expected to be made from fees on its platform as well as its crypto holding’s profit/losses.

Parts of the Asian continent have always been supportive of the digital industry and clearly, they may as well be racing along with the rest of the world where blockchain and its underlying assets have been seen as revolutionary financial tools in the economy.

Binance is another beneficiary of Singapore’s government funding, as it reportedly received indirect funding last year to aid the launch of a cryptocurrency-to-fiat exchange desk in Singapore.

Most sophisticated investors may have been wary of cryptocurrency investments due to their volatility and chiefly because of the unregulated nature of the digital asset industry and possibly because in some cases, these assets may have been used in the financing of illicit trade activities. However, in recent times, the influx of large investors into the cryptocurrency industry has grown steadily, especially with newly introduced derivative markets, financial instruments, and services that are being tailored to suit their needs.

Moreover, in another recent report, retail investors were also found to have increased in a proportionate manner in the past few months. Despite the bear market that struck in 2018, interest in the digital asset marketplace continues to soar at various levels.

 

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